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cryptocurrency craze is not limited to Bitcoin some big banks are using blockchain technology which underpins Bitcoin to operate their own digital pseudo currency Pierre Smith is a CEO of blockchain one of the companies offering a platform for the technology he joins us live now from London Peter thank you so much for being with us so people hear about blockchain technology they automatically associate it with Bitcoin with crypto currencies beyond crypto currencies like Bitcoin what else is the other major advantages of blockchain technology well the technology is fundamentally about being able to execute transactions in a low trust environment for high value it's an efficiency technology but today really the only uses of blockchain technology and certainly where our business is focused is around digital currency and we've seen a huge job taken that over the last half-year so when you think about the fact that Bitcoin has surged 2,000 percent over the past year or so and a lot of people are talking about that that you know that kind of increase is obviously not sustainable this is reminiscent of the dot-com bubble you hear all that and you think what you know I think that we're at a stage in the industry where there's a lot of hype there's been a lot of growth and that's you know obviously on this side where maybe it is a bubble on the other hand you've seen millions and millions of new entrants come into the space Nerone with platform is up about 10x in the last quarter and so I think that there is a lot of real underlying economic activity here what's challenging anytime you're adopting a new technology is understanding where you are in the adoption cycle and I think right now things are probably heated but I'm trying to look at the long curve the three or four year curve and I think that's really where our focus should be so in terms of the three or four year curve three or four years from now just in terms of widespread adoption of crypto currencies you actually believe that central banks around the world will actually hold crypto currencies which is sort of Bank see which one the central banks are you talking about what sort of governments are you talking about because the ECB has already said not really not for us the u.s.
obviously is doubtful so which sort of governments are we talking about here yeah I highly doubt her to be one of the you know g3 but I think that you'll see central banks around the world particularly those in Latin America and Eastern Europe start to hold digital currency kind of by accident but Bulgaria is one of the largest holders of bitcoins in the world now kind of by accident but I think you'll start to see it happen intentionally and I think that'll be one of the biggest shifts in the market over the next year I actually spoke with the CEO of overstock.com Peter Byrne and he Patrick Byrne and he basically said that you know he does not believe in the sustainability and the long-term sustainability of fiat currencies I want to play you what he said take a listen we need a sound currency we need sound you know we need a we so even though Bitcoin yes has had this it's had this bubble who knows if it's a bubble who knows if it's on its way to a hundred thousand chair a hundred thousand dollars a Bitcoin I don't know but I love the idea that we have a form of sound money whether it be a return to the gold standard which isn't going to happen or a Bitcoin or some other similar currency all right return to the gold standard obviously not going to happen but just given the popularity of crypto currencies what do you think that means in the long term for fiat currencies like the US dollar I think fiat currencies like the US dollar are ultimately a product and they're much more likely to undock the sort of underlying innovations around a faster cheaper higher velocity money than they are to be replaced I don't think the dollar is going anywhere in the short term but what I do think is going to happen is over the next two to three years you're gonna see the total market cap of digital assets and digital currencies go past a trillion dollars and I think that'll be a really interesting development in global finance but I don't think the dollar or the euro or you know the pounder in any danger of being replaced in this short or medium term so when you hear the likes of JP Morgan CEO Jamie Dimon saying you know what bitcoin is a fraud anyone who invests in Bitcoin is absolutely crazy you know it's not gonna last the bubble is gonna burst what do you think listen I'm biased my life has been making national currency easy for people to use right but I will say that Jamie is probably the only major bank CEO not have a Bitcoin investment or a digital currency investment alright Peter Smith thank you so much for joining us I appreciate you sharing your perspective Peter Smith CEO of blockchain thank you so much
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